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Decide if you need additional health insurance Provincial and territorial health plans cover most of your basic health care needs. Additional health insurance products, such as private or supplementary health insurance, may help you: pay for services that aren't covered by your regular health care plan such as special nursing services, ambulance services, wheelchairs and other durable equipment supplement your income if you suffer a major illness or severe injury... pay for your medical expenses if you become ill while travelling Before buying additional health insurance, check your employer’s benefits plan to make sure that you don't buy coverage you already have. For example, you may already have coverage for glasses or dental work through your employer’s plan. Check your policy to find out if: there is a deductible, which is the amount of your claim that you agree to pay before the insurer pays the rest the amount your insurer will pay is limited to a percentage of the claim the amount your insurer will pay is limited to a maximum annual amount Who your health insurance policy covers Your health insurance policy covers you if the policy is in your name. Your spouse or partner and children under 19 years old may also be eligible for coverage under your insurance policy. Children over 19 may be eligible for coverage under your policy if they are still in school or if they are disabled. If you have any questions and concerns about any insurance, Mega financial will be there to guide you to choose the best insurance. Call Jay Nadarajah at 416.558.2551. See more

Critical illness and why you need one? Critical illness insurance provides you with a lump sum of money if you are diagnosed with certain illnesses or disabilities. The kinds of illnesses that are covered are usually long-term and very serious conditions such as a heart attack or stroke, loss of arms or legs, or diseases like cancer, multiple sclerosis or Parkinson’s disease....Continue reading

Definition of disability The definition of a disability can vary between insurance companies. The definition can even vary between different insurance plans from the same company. Some disability plans may also require you take part in a rehabilitation program if they can help you get back to work. Check with your insurance plan administrator or insurance agent to learn your plan’s definition of disability. Any occupation... The definition of any occupation plan means you'll receive disability benefits only if you're unable to work at all. This mean your illness or injury prevents you performing the duties of any job for which you're reasonably suited. You don't qualify for benefits if you can work in a different job from the one you had before your disability, based on your training, experience and education. Regular or own occupation The definition of "regular or own occupation" plan means you'll receive benefits if you're unable to perform the main duties of the job you had at the time the disability started. You'll still receive benefits even if you can work in a different job from the one you had before your disability, based on your training, experience and education. Some policies don't allow you to get benefits, or may reduce your benefits, if you begin working in a different job. In group policies, it's common that policies have regular or own occupation plans for a specified period of time. At the end of the specified period of time, usually after the first 2 or 5 years, the disability policy will often change to the any occupation definition. Own occupation plans that never change in definition are often purchased individually and usually cost more than any occupation plans. You may want to consider an own occupation plan if you have a specialized occupation that would require you to take a significant pay cut in order to work in another field. Other sources of disability benefits You may also be eligible for benefits from the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) to add to your income when you're unable to work. The CPP disability benefit and QPP disability benefit are available to people who have contributed to those plans and aren't able to work regularly at any job because of a disability. Any questions about any insurance, Call us at 416.558.2552 See more

Why do we buy a life insurance cover? Simple and straightforward, to financially secure our loved one after we die. Speaking on a more casual note, life insurance is an income replacement strategy. How do we define a good life insurance policy? A life insurance will be termed as satisfying, if it provides: a decent financial support at the minimal cost to our loved ones, in a situation when the person insured suffers an ill-timed end of his/her life. Once defined, how do we n...Continue reading

Decide if you need disability insurance Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your regular income, up to a maximum amount, for a specified time if you: temporarily can't work are permanently disabled due to an injury or illness... Permanent refers to the nature of the disability. It does not mean that you'll get benefits for the rest of your life. Many employers offer disability insurance. However, you can get your own disability insurance plan through a life and health insurance agent. If you're self-employed, you can also get disability insurance that will cover many of your business expenses if you're unable to work. What to consider when buying disability insurance If you're considering disability insurance, make sure you: check with your employer to see if you already have group disability coverage with your employer's plan shop around, especially if you're considering private disability insurance Consider group insurance offered through a union, guild, or professional or alumni association. Premiums for this type of coverage usually increase as you get older. You'll need to renew your insurance every few years. Short-term disability insurance Short-term disability coverage typically provides benefits for up to 6 months while you're sick or injured. If your employer has a short-term disability plan, your claim must be made through your disability plan. Employers aren't required to provide paid sick leave and each employer is different. Speak with your employer’s human resources staff for details on your plan including any sick time or vacation time policies that might apply. If you don't have short-term disability coverage and your employer does not offer one, you may be eligible for Employment Insurance (EI) sickness benefits. To be eligible for EI sickness benefits, you must: usually have used all of your sick leave have worked enough hours Find out if you're eligible for EI benefits. Long-term disability insurance Long-term disability insurance benefits generally begin when the following benefits end: short-term disability insurance sick leave benefits from your employer EI benefits Most long-term disability plans will replace 60% to 70% of your normal income. Each disability plan is different. Some may provide disability benefits for up to two years if you're unable to return to the job you had before becoming disabled. After two years, you may continue to receive benefits only if you're unable to work at any job. Have questions? Call me at 416.558.2551. See more